The MSCI Asia Pacific index rose by 1,5% and is about to end the first half of the year with modest progress on the levels of the beginning of 2012 (a little better than the Stoxx600 Europe and a little worse than the S&P500) . Progress is disappointing compared to the highs reached in the interval (at the end of February, 12% compared to the beginning of January), but the sovereign debt crisis in Europe has been storming the markets for a long time. Precisely from the European summit, however, there were signs that the crisis was easing, with the facilities granted to Spain and the renunciation, by the official European creditors, of their status as privileged creditors. The futures of the British and American stock indexes signal further progress.
The euro, which had fallen to 1,24, immediately recovered and is approaching 1,27. Oil also recovered, although remaining below the $80/b level. Risk aversion is reduced, in favor of currencies, such as the Australian dollar, sensitive to this crucial sentiment.
